Compute Probabilities Using the General Multiplication Rule
-Consider a Political $\frac { 6 } { 91 }$

question 78

Multiple Choice

Compute Probabilities Using the General Multiplication Rule
-Consider a political discussion group consisting of 4 Democrats, 7 Republicans, and 3 Independents. Suppose that two group members are randomly selected, in succession, to attend a political convention. Find the probability of selecting an Independent and then a Democrat.

• A) \(\frac { 6 } { 91 }\)
• B) \(\frac { 3 } { 49 }\)
• C) \(\frac { 2 } { 91 }\)
• D) \(\frac { 3 } { 182 }\)

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Definitions:

Recognition and Measurement

The principles that determine the timing and amount at which elements of financial statements are recorded.

Elements

Fundamental components or constituents of something, often referred to in the context of abstract concepts, compounds, or a set of parts.

Qualitative Characteristics

These are the attributes that make the information provided in financial statements useful to users.

Understandability

A characteristic of financial information that makes it comprehensible to those with a reasonable knowledge of business and economic activities.